Dear Sreekanth,
We (Me and My Wife) are planning to take a home loan Rs.35,00,000 (Thirty five lakhs).
My wife will be a primary applicant and i ll be the co-applicant for the loan and co-owners for the property.
But i resign the job 3 months back, now searching a job but my wife is working and getting 80,000 (Eighty thousand) per month salary and she able to pay EMI.
1. Can we get the housing loan, because i dont have a job now but want to become a co-owner as well as co-applicant for the loan.
2. Can i get the tax benefit once i got the job.
Thanks,
1 Answers
Hi,
1 - Based on your spouse's income profile, credit score etc., can get home loan. But kindly try to check eligibility details by using any online 'Loan eligibility' calculators.
2 - Banks will accept you as a co-borrower, though you are unemployed now, you can still submit your previous years' income statements or income tax returns.
3 - If you become co-owner and co-borrower of the property, you can claim tax benefits.
Kindly read:
http://www.relakhs.com/joint-home-loan-eligibility-rules-income-tax-benefits/
http://www.relakhs.com/under-construction-house-how-to-claim-tax-deduction-on-home-loan-interest-payments/
http://www.relakhs.com/understanding-tax-implications-of-income-from-house-property/
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